Timmins Ltd owns a number of investments in the com-mon shares of other companies that qualify as FVTPL investments. Accordingly, fair value must be established for each. Consider the following cases that relate to fair value:
Case A Lakehead Corp. is a publicly traded company, with active trading. On the five days around the year- end date of Timmins, the fair value per share of Lakehead was $ 4, $ 16, $ 12, $ 12, and $ 6. At the time, Lakehead was renegotiating a major contract with an overseas customer. Two weeks later, the contract was finalized, and common share price steadied in the $ 12 range.
Case B Guelph Ltd. is a company whose shares are traded OTC. Trading is sporadic. No share transactions of any size took place around the year- end date of Timmins. Review of trading records show several offerings with an ask price of $ 6 to $ 8 per share, but bid prices were in the $ 4 per share range, and no transactions were completed.
Case C Ajax Corp. is a company whose shares are traded OTC. Trading is sporadic. Two major share transactions have taken place over the last two months, one at $ 4 per share and one at $ 6.50 per share.
Case D Whitby Corp. is a company whose shares are traded OTC. Trading is sporadic. No major transactions have taken place in the last six months. Two valuation models have been used to suggest a market value for the shares; one indicates a price of $ 22 per share and the other $ 16 per share.

Required:
In each case, explain the problematic element in determining fair value. Suggest additional required information, if appropriate.